(A) Application. Pursuant to I.C. 6-1.1-12.1-5, the owner of property which has been declared to be an economic revitalization area and who desires to obtain the tax deduction provided by I.C. 6-1.1-12.1-3 for "property" must file a certified deduction application, on forms prescribed by the State Board of Tax Commissioners, with the County Auditor before May 10 (except as otherwise provided in I.C. 6-1.1-12.1-5(b) or (e)) of the year in which the addition to the assessed value is made.
(B) Length of deduction.
(1) For projects for which the statement of benefits was approved July 1, 2000, or after except as provided in I.C. 6-1.1-12.1-3(a), for redevelopment or rehabilitation is eligible for a deduction from the increase in assessed value for a period of one to ten years.
(2) For projects for which the statement of benefits was approved before July 1, 2000, for redevelopment or rehabilitation is eligible for a deduction from the increase in assessed value for periods of three, six, or ten years.
(CC Res. 2006-07, passed 5-4-06)